Tencent buys a stake in Universal Music
Streaming has turned the music business around in recent years
IT WAS A nice example of nominative determinism. On December 31st a consortium led by Tencent, a giant Chinese digital conglomerate, announced it was buying 10% of Universal Music Group, a subsidiary of Vivendi, a French company, for €3bn ($3.4bn). The deal, first mooted in August, gives Tencent a stake in a firm whose catalogue spans artists from ABBA and Bob Marley to Jay-Z and Taylor Swift.
This article appeared in the Business section of the print edition under the headline “Thank you for the music”
From the January 4th 2020 edition
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